ICAI Revises syllabus of selected papers of Intermediate and Final Courses

ICAI Revises syllabus of selected papers of Intermediate and Final Courses Posted: 01 Aug 2013 07:58 PM PDT Revision of syllabus of Group – I – Paper- 4 - Taxation – Part – II and Group – II – Paper – 7 - Section A: Information Technology of Intermediate (IPC) Course; and Group – II – Paper – 6 Information Systems Control and Audit and Group – II – Paper – 8 – Indirect Tax Laws of Final Course

Empanelment with UCO Bank of CA firms for Concurrent Audit – Last Date 20.08.2013 Posted: 01 Aug 2013 07:18 PM PDT UCO BANK, AUDIT & INSPECTION DEPARTMENT, HEAD OFFICE, KOLKATA Last Date for Application Submission by Post- 20.08.2013 NOTIFICATION 1st August, 2013 UCO Bank invites applications from practicing firms of Chartered Accountants within India, in the prescribed format, who are willing to have their...

Section 194IA of I T Act- A Critique (Supplement) Posted: 01 Aug 2013 06:46 PM PDT The enactment suffers from certain lacunae and loopholes of a vital nature. The predominant of all is this: The TDS requirement as mandated has, in terms, application to a case of transfer, ONLY if it is of 'a building or PART OF A BUILDING '. Had, however, the legislative history not been over...

Govt amends defination of term "control" for calculation of total foreign investment in Indian companies Posted: 31 Jul 2013 07:39 PM PDT Review of the policy on foreign direct investment-definition of the term "control", for calculation of total foreign investment i.e. direct and indirect foreign investment in Indian companies The Cabinet Committee on Economic Affairs has approved the proposal of the Department of...

Govt decides to amend provisions relating to FDI caps and routes in various sectors Posted: 31 Jul 2013 07:35 PM PDT Review of Foreign Direct Investment (FDI) caps and routes in various sectors. Cabinet  Decision   The Union Cabinet today approved the proposal for review of Foreign Direct Investment (FDI) caps and routes in various sectors.  The Government has decided to amend the provisions relating to the FDI...

Amendment in existing FDI policy in Multi-Brand Retail Trading (MBRT) Posted: 31 Jul 2013 07:30 PM PDT Review of the policy on Foreign Direct Investment (FDI) in Multi-Branded Retail Trading Cabinet Decision The Union Cabinet today approved the proposal for amendment in the existing FDI policy in Multi-Brand Retail Trading (MBRT) in para 6.2.16.5(1) (iii), (iv) and (vi) of 'Circular 1 of 2013...

Classification of products – "Cockroach traps", and "Mosquito Repellent" in the harmonised Customs Tariff- regarding Posted: 31 Jul 2013 04:08 PM PDT The Board has noted import data in National Import Data Base which shows that products like Cockroach Traps and Mosquito Repellent, are classified under various Customs tariff headings 3506, 3822, 3808, 3926, 4823, etc. Accordingly, this issue of classification was taken up for discussion and...

Harmonised Customs Tariff Classification of multifunction devices, referred to as "multifunction speaker system" – regarding Posted: 31 Jul 2013 04:05 PM PDT Representatives of trade have claimed classification of multifunction speaker system (combination of one or more of the following: Universal Serial Bus (USB) port, USB playback, Frequency Modulation (FM) radio as loudspeakers under heading 8518 based on premise that the principal function is that...

Rate of exchange of conversion of each of foreign currency wef August 02, 2013 Posted: 31 Jul 2013 12:15 PM PDT Notification No.81/2013-Customs (N.T.) DATED THE 1st August, 2013             S.O.       (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of...

Delhi VAT – Constitution of Delhi Trade Board for National Capital Territory Of Delhi Posted: 31 Jul 2013 11:35 AM PDT In continuation of the earlier order No. F.7/T&T/PB/SCTT­(PR/Coordn.)/ dated 24th July, 2013 issued in the said connection, the Government of NCT of Delhi has been pleased to add the names of following Trade Bodies / Associations to make the Delhi Trade Board more representative:

Delhi VAT – Regarding offline payment of tax, interest and penalty or any other amount due Posted: 30 Jul 2013 08:25 PM PDT In partial modification of Notification No No.F.7(400)/Policy/VAT/201 1/383-396 (dated 05.07.2013, regarding procedure of offline 'payment of tax, interest and penalty or any other amount due under the Delhi Value Added Tax Act, 2004, and in exercise of the powers conferred under sub rule (2) of...

Notification No. 39/2013 – Customs – Related to Rice bran and Rice bran oil cake Posted: 30 Jul 2013 08:21 PM PDT Notification No. 39/2013 – Customs New Delhi, the   31st July, 2013 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby...

Government increases Tariff Value of Gold, Silver & Brass Scrap wef 31.07.2013 Posted: 30 Jul 2013 08:12 PM PDT Notification No. 80/2013 – Customs (N. T.) New Delhi, 31th July, 2013 S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do,...

Income Tax Department to accept Returns on Saturday & Sunday i.e. 3rd and 4th August too

Income Tax Department to accept Returns on Saturday & Sunday i.e. 3rd and 4th August too Posted: 31 Jul 2013 08:20 PM PDT In view of extension of due date for filing of return of Income from 31st July, 2013 to 5th August, 2013 vide CBDT's order under section 119 of IT Act in F.No 225/117/2013/ITA.II dated 31 .7.2013,

Alternate Minimum Tax (AMT) For Other Than Corporate Assessee – From A.Y. 2013-14 Posted: 31 Jul 2013 07:59 PM PDT Alternate minimum tax means the Amount of tax computed on the adjusted total income.AMT is a way collecting the minimum tax from the tax payers. Assessee shall be liable to pay tax on such income at a rate eighteen and one-half per cent (18.5%).It is not an additional tax levied on the taxpayer.

Pass Percentage & Toppers of of CA Intermediate (IPC), 2013 Posted: 31 Jul 2013 07:44 PM PDT The top three rank holders on all India basis of Chartered Accountants Intermediate (IPC) Examination held in May, 2013 are from Mumbai, Surat, Vuyyuru (Andhra Pradesh) and Vadodara respectively.

Rate of Interest Subvention for exporters Increased from 2% to 3% Posted: 31 Jul 2013 06:15 AM PDT Presently the rate of Interest Subvention for credit obtained by exporters is 2%. There has been persistent demand to both increase the rate of subvention and also to widen the coverage. At present, all exporters who are micro and small enterprises, irrespective of the export sector, are...

SEBI Circular regarding Utilisation period for FII investments in Government Debt Limits Posted: 30 Jul 2013 06:43 PM PDT SEBI has issued a circular CIR/IMD/FIIC/11/2013 dated July 31, 2013 regarding the utilisation period for Government Debt limits. In accordance with the said circular, FIIs/QFIs shall be permitted to utilise the debt limits allocated to them in each monthly auction till the 17th day of the...

DGFT invites Suggestions to prevent unintended benefit under Incremental Export Incentivisation Scheme Posted: 30 Jul 2013 06:39 PM PDT In order to prevent unintended benefit under the scheme in cases where growth in exports is more than 25 % or the total incremental growth is Rs. 10 crore or more, RAs would have to be more careful. Their scrutiny of the claim may require, inter alia,

Recommendations of Damodaran Committee on Customer Service in Banks- Uniformity in Intersol Charges Posted: 30 Jul 2013 11:57 AM PDT With the introduction of Core Banking Solution (CBS), it is expected that customers of RRBs would be treated uniformly at any sales or service delivery point. It is, however, observed that some RRBs are discriminating against their own customers on the basis of one branch being designated as the...

Income Tax Return Due Date Extended to till August 5, 2013

Income Tax Return Due Date Extended to till August 5, 2013 Posted: 31 Jul 2013 02:01 AM PDT As a Measure of Taxpayers Convenience, Last Date of Filing of Returns Extended to 5th August, 2013 There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 which is 46.8 % higher than the returns e-filed during...

Trouble Shooting Guide for Problems in accessing www.incometaxindiaefiling.gov.in Posted: 31 Jul 2013 01:57 AM PDT TROUBLE SHOOTING GUIDE FOR PROBLEMS IN ACCESSING WWW.INCOMETAXINDIAEFILING.GOV.IN Since ICAI was reported of the difficulties being faced while uploading the income tax returns in the e-filing website, the matter was taken up with appropriate authorities. The authorities have shared a Trouble...

Download Service Tax return (ST-3) for Oct,12 to March,13 Posted: 31 Jul 2013 01:36 AM PDT Service Tax return (ST-3) for the period October'12 to March'13 is now available for e-filing. Please download the offline utility from http://acesdownload.nic.in/ or from 'DOWNLOADS' Section of ACES website. The online version of the return will be made available shortly and the exact date will be...

Should CBDT extend the Due Date of Return Filing?

Should CBDT extend the Due Date of Return Filing? Posted: 30 Jul 2013 08:46 PM PDT Today is the last date for Return Filing for the Assessee Including Individual, HUF, partnership Firm Etc whose Accounts are not required to be audited under the Income Tax Act or any other law and also for a working partner of a firm whose accounts are not required to be audited under the Income...

e-filing of Income Tax Returns got Overwhelming Response Posted: 30 Jul 2013 08:22 PM PDT Overwhelming Response for e-filing from Every Corner of the Country; More than 82 Lakh Returns E-Filed till 29th July, 2013 which is More than 40% of the Returns e-filed during the Same Period Last Year; Record Peak of more than 85,000 Returns Per Hour Achieved . The due date for filing of Income...

Non-Applicability of SA 700 on Tax- Audit Reports Posted: 30 Jul 2013 08:16 PM PDT As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700 (Revised) - Forming an Opinion and Reporting on Financial Statements. We were receiving...

ICAI expected to declare today result of (IPC) Examinations held in May, 2013 Posted: 30 Jul 2013 08:11 PM PDT Result of the Chartered Accountants Intermediate (IPC) Examinations held in May, 2013 are likely to be declared on today, the 31st July, 2013. Results will be available on the following website: http://www.caresults.nic.in Read More on – Result of CA Intermediate (IPC) Examinations held in...

EPFO must give Priority to timely Settlement of Claims for Provident Fund Posted: 30 Jul 2013 12:22 PM PDT Union Labour & Employment Minister Shri Sis Ram Ola has emphasized that the Employee Provident Fund Organization (EPFO) must give priority to timely settlement of claims for provident fund. In a meeting with the senior officers of EPFO the minister has also emphasized that due to improvement...

ICAI extends time to complete GMCS-I Course Posted: 30 Jul 2013 12:16 PM PDT The Council at its 326th Meeting being held from 27th-29th July, 2013 at ICAI Bhawan, New Delhi has decided to grant one time extension to students, who were registered for practical training between 1st May, 2012 and 31st December, 2012 to complete GMCS-I Course latest by 31st December, 2013.

RBI – First Quarter Review of Monetary Policy 2013-14 Posted: 29 Jul 2013 09:41 PM PDT On the domestic front, the foreign exchange market came under severe stress starting late May, prompting the Reserve Bank to initiate liquidity tightening measures to contain the volatility. As regards economic activity, risks to growth have increased notwithstanding the robust onset and spread of...

Notifies rate of interest in respect of rupee denominated bond of an Indian company – section 194LD(2) Posted: 28 Jul 2013 11:25 PM PDT NOTIFICATION No. 56/2013, Dated-  29th day of July, 2013 S.O. 2311(E) – In exercise of the powers conferred by the proviso to sub-section (2) of section 194LD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following rates of interest in respect of rupee...

Delhi VAT – Vigilance Set up for Department of Trade & Taxes Posted: 28 Jul 2013 08:05 PM PDT Any information related to corruption, malpractice or misconduct on the part of public servants, from whatever source, would be termed as complaint. Accordingly, the petitions/ complaints/ source reports sent by the Central Vigilance Commissions CBI/ Directorate of Vigilance, Govt. of NCT of Delhi...

Delhi VAT – Filing of information in Form T-2 by all VAT dealers kept in abeyance Posted: 28 Jul 2013 07:49 PM PDT Form T-2 was prescribed for dealers (except the dealers exclusively dealing in tax free goods) whose gross turnover exceeded Rs. 10 crore during the year 2011-12 or any future date on which the dealer attains the lower limit of GTO of RS.10 Cr., vide notification No....

Seeks to exempt central excise duty on the scheduled formulations as defined under the Drugs Price Control Order (DPCO), 2013 Posted: 28 Jul 2013 07:03 PM PDT Seeks to exempt central excise duty on the scheduled formulations as defined under the Drugs Price Control Order (DPCO), 2013 and which are subjected to re-printing, re-labeling, re-packing or stickering, in pursuance of the provisions contained in the said Order, in a premises which is not...

Income Tax Department cautioned on use of Mobile applications for Filing

Income Tax Department cautioned on use of Mobile applications for Filing Posted: 29 Jul 2013 08:29 PM PDT There are Mobile applications which are not approved by the Income Tax Department. Users are advised that they may not be according to Department data structure. Filers using them are doing at their own risk. Source- Incometaxindiaefiling.gov.in

No s. 271(1)(c) penalty if explanation given by the assessee is unproved but not disproved Posted: 29 Jul 2013 08:10 PM PDT Addition u/s 68 of the Act was made by the Assessing Officer when the assessee himself offered to include this amount in his total income and consented to pay the tax. Another addition of Rs. 1 lakh was also made when the assessee voluntarily preferred to include Rs. 1 lakh to his total income. The...

Initiation of proceedings u/s 153C based on document seized from third party which neither mentions the name of the assessee or bears his signature is not justified Posted: 29 Jul 2013 07:49 PM PDT This document was seized from the business premises of D. Nagarjuna Rao in course of action u/s 132 of the Act against him. In the impugned assessment order the AO has also observed that the said D. Nagarjuna Rao had admitted that entries in the seized documents were made by him in his own...

S. 68 Addition cannot be made in the absence of books on the basis of mere bank statement Posted: 29 Jul 2013 07:26 PM PDT In the instant case, it is an undisputed fact that the assessee has not maintained any books of account and whatever credit entries are found by the Assessing Officer, it was from the bank accounts of the assessee in which deposits were made at different point of time. Even the passbook issued by...

The Department can't force assessee to avail a particular exemption Notification when benefit of other exemption Notification is available Posted: 29 Jul 2013 08:36 AM PDT M/s Winsome Yarns Ltd. is manufactures of Yarn. During the period from September, 2009 to May, 2010, the Appellant were availing the exemption Notification No. 29/2004-CE dated July 9, 2004 in respect of the yarn manufactured and cleared for export as well Notification No. 30/2004-CE dated July 9,...

Clarifications on Services Provided by Restaurants Posted: 29 Jul 2013 08:29 AM PDT Issue No 1 : Is the VAT imposed by States required to be included for the Purpose of Service Tax? Answer: For the Purpose of Service Tax State VAT has to be excluded from the Taxable Value. issue No 2: Is the Serving of Food And/or Beverages by way of Room Service liable for Service Tax?

Right to receive retention money accrues only after the obligations under the contract are fulfilled Posted: 29 Jul 2013 07:52 AM PDT It has been held that the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income of the assessee in the year in which amount is retained.

Extension of time period to complete ITT and Orientation Course by students registered under Direct Entry Scheme Posted: 28 Jul 2013 06:33 PM PDT It has been brought to the notice of the Council that some students of the Direct Entry Scheme, who were registered between 01.08.2012 and 31.01.2013 for the Intermediate (Integrated Professional Competence) Course and were required to complete ITT and Orientation Course by 31.05.2013, could not...

SEBI Circular for Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs) Posted: 28 Jul 2013 06:26 PM PDT i.        SEBI has issued a circular No. CIR/IMD/DF/10/2013 dated July 29, 2013 for Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs). ii.        In accordance with the said circular, all AIFs shall be required to comply reporting norms to SEBI on a quarterly basis...

Inclusion of Kattupalli Sea Port as a Port of Registration under Para 4.19 of HBP (Vol. I) Posted: 28 Jul 2013 12:13 PM PDT PUBLIC NOTICE No. 20 (RE-2013)/2009-2014 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby amends para 4.19 of Handbook of Procedures (v1):, 2009-14(RE 2012) to include Kattupalli Sea Port, Tamil Nadu as Port of...

Regarding inclusion of Foreign Post Office, New Delhi, as port of export for the purpose of Export Promotion benefits Posted: 25 Jul 2013 06:40 PM PDT  Notification No. 38/2013 – Customs New Delhi, dated 26th July   2013        G.S.R. 509(E) In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do,...

Two Officials of Mumbai Customs Department Sentenced In a Bribery Case Posted: 25 Jul 2013 06:23 PM PDT   The Special Judge for CBI cases, Mumbai has convicted Smt. Kirti Rajesh Singh, then Senior Tax Assistant and Shri Rajesh Harbans Singh, then Tax Assistant of Customs(Preventive), Mumbai and sentenced them to undergo one year Rigorous Imprisonment with total fine of Rs.20,500/- in a bribery case....

Validity of IEC for EOU or units in SEZ/(EHTP/STP/BTP after de-bonding Posted: 25 Jul 2013 06:06 PM PDT Validity of IEC for Export Oriented Unit (EOU) or units in Special Economic Zone/Electronics Hardware Technology Park(EHTP)/Software Technology Park(STP)/Bio-Technology Park(BTP) after de-bonding: Review of Policy Circular 26/ dated 11.8.2008.

PPT on Service Tax Voluntary Compliance Encouragement Scheme, 2013

PPT on Service Tax Voluntary Compliance Encouragement Scheme, 2013 Posted: 28 Jul 2013 12:37 AM PDT CA Bimal Jain Eligible Person: - • Non Filers/ Stop Filers • No Notice or an Order U/S 72 (Best Judgment) or U/S 73 (Taxes not levied/ not paid or short levied/ short paid or erroneously refunded) or U/S 73A (ST collected to be deposited with CG) has been issued or made before the 1-3-2013 [...]

Regarding Revised allocation of subjects amongst five Branches of Investigation Division of CBDT Posted: 28 Jul 2013 12:16 AM PDT It has been decided with the approval of the Competent Authority to revise allocation of subjects amongst the five Branches of Investigation Division. The revised work allocation chart is enclosed herewith.

Check list for filling of applications of managerial personnel under Companies Act, 1956 Posted: 28 Jul 2013 12:07 AM PDT CHECK LISTS While examining the statutory applications received from companies u/s 259, 269, 269, 309, 310 and 314(1B) and other applicable provisions of the Companies Act, 1956, it has been observed that requisite information / documents are not furnished by the companies at the time of making...